KARACHI: The steel prices have observed a decline after the readjustment in prices of the international market. The prices of steel had skyrocketed amidst the Covid-19 pandemic and consumers were purchasing at high costs.
The buildup of steel demand resulted in the surge of prices as they increased from Rs117,000 per ton in November 2020 to Rs140,000 per ton in the month of January 2021.
The prices of rebars also increased due to the shortage in the collection of scrap and interruptions in supply due to the Covid-19 pandemic. The cost of scrap stood at $350 per ton in October 2020 and rose to $500 at the beginning of 2021.
Similarly, the factors like rupee depreciation against the dollar, and increase in the interest rate by the State Bank of Pakistan also contributed to the hike in prices.
The reduction in steel prices will supplement the Naya Pakistan Housing Scheme and will benefit the construction industry.
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